Amid Nigeria’s ongoing efforts to stabilize its exchange rate, a new investigation by the Economic and Financial Crimes Commission (EFCC) has uncovered allegations against former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, regarding the printing of one billion N100 banknotes.
According to a report by Premium Times on Saturday, August 17, Emefiele is also accused of arranging the production of 5,000 acrylic blocks. The newspaper, citing sources within the anti-corruption agency, revealed that Emefiele sent a memo to former President Goodluck Jonathan on September 1, 2014, in preparation for the centenary celebration. In the memo, Emefiele sought approval to print the banknotes and acrylic blocks without following the procedure mandated by the CBN Act of 2007, which requires board approval.
Despite Section 19(1)(b) of the CBN Act 2007, which stipulates that currency notes and coins issued by the CBN must be approved by the president based on the board’s recommendation, Emefiele reportedly secured Jonathan’s approval before presenting the matter to the CBN board for ratification.
